UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

For the month of January, 2009

Commission file number 0-12602

MAKITA CORPORATION

(Translation of registrant’s name into English)

3-11-8, Sumiyoshi-cho, Anjo City, Aichi Prefecture, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x       Form 40-F  o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1):  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7):  o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  o                No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-        

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: January 30, 2009

Makita Corporation

Consolidated Financial Results
for the nine months
ended December 31, 2008
(U.S. GAAP Financial Information)

 
 

(English translation of “KESSAN TANSHIN”
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2008

January 30, 2009

Makita Corporation

Stock code: 6586
URL: http://www.makita.co.jp/
Masahiko Goto, President & CEO

1.Operating results of the nine months ended December 31, 2008 (From April 1, 2008 to December 31, 2008)

(1)

CONSOLIDATED OPERATING RESULTS

		Yen (millions)
		For the nine months ended								For the nine months ended
		December 31, 2007								December 31, 2008
						%								%
Net sales			257,580				27.1				238,975				(7.2	)
Operating income			51,222				44.4				45,915				(10.4	)
Income before income taxes			51,788				41.9				41,862				(19.2	)
Net income			36,214				42.4				31,084				(14.2	)
		Yen
Net income per share			251.94								220.81

Note:

The table above shows the changes in the percentage ratio of net sales, operating income, income before income taxes, and net income against the corresponding period of the previous year.

(2)

CONSOLIDATED FINANCIAL POSITION

		Yen (millions)
		As of March 31, 2008				As of December 31, 2008
Total assets			386,467				333,630
Shareholders’ equity			316,498				280,681
Shareholders’ equity ratio to total assets (%)			81.9	%			84.1	%
		Yen
Shareholders’ equity per share			2,201.36				2,037.38

2. Dividend Information

		Yen
		For the year ended				For the year ending
		March 31, 2008				March 31, 2009
Cash dividend per share:
Interim			30.00				30.00
Year-end			67.00			(Note)
Total			97.00			(Note)

Notes:

While the Company has set forth under the Articles of Corporation of the Company that the record date for the payment of dividend shall be the last day of a relevant period, at the present time, the projected amount of dividends as of the said record date has not been determined yet.

For further details, refer to “Explanation regarding proper use of business forecasts, and other significant matters” on page 2.

			1
English translation of “KESSAN TANSHIN” originally issued in Japanese

3. Consolidated Financial Forecast for the year ending March 31, 2009 (From April 1, 2008 to March 31, 2009)

		Yen (millions)
		For the year ending March 31, 2009
							%
Net sales			290,000				(15.3	)
Operating income			50,000				(25.4	)
Income before income taxes			44,500				(32.3	)
Net income			33,000				(28.3	)
		Yen
Net income per share		239.54

Note:

The consolidated financial forecast for the year ending March 31, 2009 has been revised.

The table above shows the changes in the percentage ratio of net sales, operating income, income before income taxes, and net income against the corresponding period of the previous year.

For details, refer to [Qualitative Information and Financial Statements] section 3 “Qualitative information on consolidated financial forecast” on page 4.

The above forecast is based on the assumption of exchange rates of 90 yen to the U.S. dollar and 115 yen to the euro for the fourth quarter of the fiscal year.

The above forecast is also based on information as available at the present time, and includes potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecast provided above.

4. Other

(1)		Changes in important subsidiaries during the period (Changes in specific subsidiaries accompanied by changes in scope of consolidation): None
(2)		Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements:
		Note: Refer to [Qualitative Information and Financial Statements] section 4 “Other” on page 4.
(3)		Changes in principles, procedures and disclosures of the accounting policies concerning quarterly consolidated financial statements preparation:
		Note: Refer to [Qualitative Information and Financial Statements] section 4 “Other” on page 4.
(4)		Number of shares outstanding (common stock)

			1.			Number of shares issued (including treasury stock):		As of December 31, 2008:			144,008,760
								As of March 31, 2008:			144,008,760
			2.			Number of treasury stock:		As of December 31, 2008:			6,243,288
								As of March 31, 2008:			235,135
			3.			Average number of shares outstanding:		For the nine months ended December 31, 2008:			140,769,752
								For the nine months ended December 31, 2007:			143,741,855

Explanation regarding proper use of business forecasts, and other significant matters

1.		The consolidated financial forecast for the year ending March 31, 2009 has been revised. Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial Statements] section 3 “Qualitative information on consolidated financial forecast” on page 4.
		The financial forecasts given above are based on information as available at the present time, and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts provided above.
2.		Makita’s basic policy on the distribution of profits is to maintain a consolidated dividend payout ratio of 30% or greater, with a lower limit on annual cash dividends of 18 yen per share. However, in the event special circumstances arise, computation of the amount of dividends will be based on consolidated net income after certain adjustments.
		The Board of Directors plans to meet in April 2009 for a report on earnings for the year ending March 31, 2009. At the time, in accordance with the basic policy regarding profit distribution mentioned above, the Board of Directors plans to propose a dividend equivalent to at least 30% of net income. The Board of Directors will submit this proposal to the General Meeting of Shareholders scheduled for June 2009.
		The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income per share (after adjustments for special circumstances) and multiplied by 100.

			2
English translation of “KESSAN TANSHIN” originally issued in Japanese

[Qualitative Information and Financial Statements]

1. Qualitative Information on Consolidated Operating Results

     In light of the economic conditions around the world during the nine months (the “period”) ended December 31, 2008, financial unrest stemming from the United States has spread from Japan, the United States and developed European countries to Eastern Europe, Russia, the Middle East and other emerging countries since last fall. The real global economy has undergone a dramatic slow down.

     Global investment in construction and housing markets has dropped sharply and significantly. As a result, the demand for power tools has also decreased sharply.

     Under these circumstances, consolidated net sales of Makita for the nine months ended December 31, 2008 decreased by 7.2% from the same period of the previous year to 238,975 million yen, due to the significant and sharp appreciation of the yen and the shrinkage of global demand.

     Incomes were affected by exchange rate losses, realized losses on securities resulting from the drop in their market prices, and other adverse factors. Operating income decreased by 10.4% from the same period of the previous year to 45,915 million yen (operating income ratio: 19.2%). Income before income taxes decreased by 19.2% to 41,862 million yen (income before income taxes ratio: 17.5%). Net income decreased by 14.2% to 31,084 million yen (net income ratio: 13.0%).

     Sales results by region are as follows:

     Net sales in Japan decreased by 7.9% from the same period of the previous year to 35,220 million yen as demand shrinkage further accelerated.

     Sales in Europe decreased by 6.3% to 112,267 million yen due to decrease in construction demand in Western Europe and sudden weakened demand in Eastern Europe and Russia where the demand had been very strong.

     Sales in North America decreased by 20.6% to 34,730 million yen. This was because of the significant shrinkage in the housing and commercial building market in the United States due to the recent credit crunch, and the extreme weakness of sales during the Christmas season. The steep rise in the yen value against the U.S. dollar also had a sizable negative impact on sales.

     Regions where sales had been strong until the second quarter also experienced a steep downturn in the market environment in the third quarter. Investment in construction stalled steeply in Southeast Asia. The economic growth in emerging countries slowed down steeply due to the drop in the price of crude oil and other mineral resources.

     The sharp depreciation of local currencies against the yen also had an adverse impact. As a result, all regions reported negative growth rates in the third quarter (single quarter, three-month results).

     Consequently, for the nine months ended December 31, 2008 sales in Asia increased by 7.3% from the same period of the previous year to 17,903 million yen, sales in Central and South America increased by 11.3% to 14,199 million yen, sales in the Middle East and Africa decreased by 3.0% to 13,544 million yen, and sales in Oceania decreased by 9.9% to 11,112 million yen.

2. Qualitative Information on Consolidated Financial Position

     The total assets as of December 31, 2008 decreased by 52,837 million yen to 333,630 million yen, compared with that as of March 31, 2008. The major factors behind this decrease were the decline in the value of assets held by overseas subsidiaries due to the impact of the stronger yen, the decrease in investment securities due to the drop in their market prices, and the sales of marketable securities in order to acquire the Company’s own shares.

     The total liabilities as of December 31, 2008 decreased by 16,680 million yen to 50,773 million yen, compared with that as of March 31, 2008. The major factor behind this decrease was a decrease in trade notes and accounts payable.

     The shareholders’ equity as of December 31, 2008 decreased by 35,817 million yen to 280,681 million yen, compared with that as of March 31, 2008.

			3
English translation of “KESSAN TANSHIN” originally issued in Japanese

3. Qualitative Information on Consolidated Financial Forecast

     It is forecast that the financial unrest and credit crunch stemming from the United States will expand into a serious, simultaneous global recession. The demand for power tools will drop steeply as a result of this economic downturn. The business environment surrounding Makita Group is consequently expected to become harsher.

     Accordingly, forecasts of consolidated results for the full year of the fiscal year ending March 31, 2009 announced on October 31, 2008 have been revised again as shown in the table below.

Revised Forecast for consolidated performance during the fiscal 2009 (from April 1, 2008 to March 31, 2009)

(Millions of yen)

		Net sales				Operating income				Income before income taxes				Net income				Net income per share (yen)
Outlook announced previously (A)			303,000				54,000				50,200				36,200				257.16
Revised forecast (B)			290,000				50,000				44,500				33,000				239.54
Change (B-A)			(13,000	)			(4,000	)			(5,700	)			(3,200	)			—
Percentage revision			(4.3	)%			(7.4	)%			(11.4	)%			(8.8	)%			—
Actual results for the previous year ended March 31, 2008			342,577				67,031				65,771				46,043				320.30

     The above forecast is based on the assumption of exchange rates of 90 yen to the U.S. dollar and 115 yen to the euro for the fourth quarter of the fiscal year.

     The above forecast is based on information as available at the present time, and includes potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecast provided above.

4. Other

(1)		Changes in important subsidiaries during the period (Changes in specific subsidiaries accompanied by changes in scope of consolidation): None
(2)		Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements:
		With regard to the income tax expenses, the Company computes interim income tax expense by multiplying reasonably estimated annual effective tax rate, which includes the effects of deferred taxes, by year-to-date income before income taxes for the reporting period.
(3)		Changes in principles, procedures and disclosures of the accounting policies concerning quarterly consolidated financial statements preparation:
		Starting with this fiscal year, the Company has adopted the “Fair Value Measurements” pursuant to the Statement of Financial Accounting Standards No. 157. This Statement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The adoption did not give rise to any material effect on the Company’s consolidated financial position or results of operations.

			4
English translation of “KESSAN TANSHIN” originally issued in Japanese

5. Consolidated Financial Statements

(1)

Consolidated Balance Sheets

		Yen (millions)
		As of March 31, 2008								As of December 31, 2008
		Composition ratio								Composition ratio
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			46,306								31,114
Time deposits			2,393								3,792
Marketable securities			49,443								32,233
Trade receivables—
Notes			2,950								3,111
Accounts			60,234								43,011
Less— Allowance for doubtful receivables			(1,018	)							(943	)
Inventories			112,187								110,096
Deferred income taxes			6,478								7,768
Prepaid expenses and other current assets			11,382								10,292
Total current assets			290,355				75.1	%			240,474				72.1	%
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land			18,370								17,812
Buildings and improvements			64,268								60,164
Machinery and equipment			75,651								72,489
Construction in progress			2,765								7,288
			161,054								157,753
Less— Accumulated depreciation			(91,996	)							(87,223	)
			69,058				17.9	%			70,530				21.1	%
INVESTMENTS AND OTHER ASSETS:
Investment securities			18,034								12,094
Goodwill			2,001								1,990
Other intangible assets, net			2,240								2,248
Deferred income taxes			1,826								1,851
Other assets			2,953								4,443
			27,054				7.0	%			22,626				6.8	%
			386,467				100.0	%			333,630				100.0	%

			5
English translation of “KESSAN TANSHIN” originally issued in Japanese

		Yen (millions)
		As of March 31, 2008								As of December 31, 2008
		Composition ratio								Composition ratio
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term borrowings			1,724								625
Trade notes and accounts payable			23,372								18,953
Other payables			5,640								4,821
Accrued expenses			7,982								6,029
Accrued payroll			8,096								5,497
Income taxes payable			7,518								2,908
Deferred income taxes			58								25
Other current liabilities			5,266								4,959
Total current liabilities			59,656				15.4	%			43,817				13.1	%
LONG-TERM LIABILITIES:
Long-term indebtedness			908								831
Accrued retirement and termination allowances			3,716								2,998
Deferred income taxes			1,215								1,329
Other liabilities			1,958								1,798
			7,797				2.0	%			6,956				2.1	%
			67,453				17.4	%			50,773				15.2	%
MINORITY INTERESTS			2,516				0.7	%			2,176				0.7	%
SHAREHOLDERS’ EQUITY:
Common stock			23,805								23,805
Additional paid-in capital			45,753								45,749
Legal reserve			5,669								5,669
Retained earnings			249,191								266,420
Accumulated other comprehensive income (loss)			(7,657	)							(43,066	)
Treasury stock, at cost			(263	)							(17,896	)
			316,498				81.9	%			280,681				84.1	%
			386,467				100.0	%			333,630				100.0	%

		As of March 31, 2008				As of December 31, 2008
Total number of shares authorized			496,000,000				496,000,000
Number of shares issued			144,008,760				144,008,760
Number of shares issued (excluding treasury stock)			143,773,625				137,765,472
Number of treasury stock			235,135				6,243,288

			6
English translation of “KESSAN TANSHIN” originally issued in Japanese

(2) Consolidated Statements of Income

		Yen (millions)
		For the nine months ended December 31, 2007								For the nine months ended December 31, 2008
		Composition ratio								Composition ratio
NET SALES			257,580				100.0	%			238,975				100.0	%
Cost of sales			149,599				58.1	%			136,805				57.2	%
GROSS PROFIT			107,981				41.9	%			102,170				42.8	%
Selling, general, administrative and other expenses			56,759				22.0	%			56,255				23.6	%
OPERATING INCOME			51,222				19.9	%			45,915				19.2	%
OTHER INCOME (EXPENSES):
Interest and dividend income			1,670								1,429
Interest expense			(210	)							(230	)
Exchange losses on foreign currency transactions, net			(563	)							(2,741	)
Realized losses on securities, net			(14	)							(2,126	)
Other, net			(317	)							(385	)
Total			566				0.2	%			(4,053	)			(1.7	)%
INCOME BEFORE INCOME TAXES			51,788				20.1	%			41,862				17.5	%
PROVISION FOR INCOME TAXES:
Current			13,844								10,254
Deferred			1,730								524
Total			15,574				6.0	%			10,778				4.5	%
NET INCOME			36,214				14.1	%			31,084				13.0	%

			7
English translation of “KESSAN TANSHIN” originally issued in Japanese

(3) Condensed Consolidated Statements of Cash Flows

		Yen (millions)
		For the nine months				For the nine months
		ended December 31,				ended December 31,
		2007				2008
Net cash provided by operating activities			21,930				19,722
Net cash used in investing activities			(3,727	)			(1,006	)
Net cash used in financing activities			(13,428	)			(32,645	)
Effect of exchange rate changes on cash and cash equivalents			(253	)			(1,263	)
Net change in cash and cash equivalents			4,522				(15,192	)
Cash and cash equivalents, beginning of period			37,128				46,306
Cash and cash equivalents, end of period			41,650				31,114

(4) Notes on the preconditions for a going concern: None

(5) Condensed Operating Segment Information

		Yen (millions)
		For the nine months ended December 31, 2007
										North																Corporate and elimi-				Consoli-
		Japan				Europe				America				Asia				Other				Total				nations				dated
Sales:
(1) External customers			52,744				119,786				43,640				8,766				32,644				257,580				—				257,580
(2) Inter-segment			52,553				4,052				3,627				76,603				142				136,977				(136,977	)			—
Total			105,297				123,838				47,267				85,369				32,786				394,557				(136,977	)			257,580
Operating expenses			88,055				104,112				45,804				74,839				28,076				340,886				(134,528	)			206,358
Operating income			17,242				19,726				1,463				10,530				4,710				53,671				(2,449	)			51,222
		Yen (millions)
		For the nine months ended December 31, 2008
										North																Corporate and elimi-				Consoli-
		Japan				Europe				America				Asia				Other				Total				nations				dated
Sales:
(1) External customers			49,229				112,148				34,962				8,380				34,256				238,975				—				238,975
(2) Inter-segment			45,992				3,576				3,793				71,161				105				124,627				(124,627	)			—
Total			95,221				115,724				38,755				79,541				34,361				363,602				(124,627	)			238,975
Operating expenses			85,990				96,940				37,694				69,793				29,455				319,872				(126,812	)			193,060
Operating income			9,231				18,784				1,061				9,748				4,906				43,730				2,185				45,915

			8
English translation of “KESSAN TANSHIN” originally issued in Japanese

(6) Notes in case there is any significant change in the shareholders’ equity

Consolidated Statement of Shareholders’ equity

		Yen (millions)
		For the nine months ended
		December 31, 2008
COMMON STOCK:
Beginning balance			23,805
Ending balance			23,805
ADDITIONAL PAID-IN CAPITAL:
Beginning balance			45,753
Disposal of treasury stock			(4	)
Ending balance			45,749
LEGAL RESERVE:
Beginning balance			5,669
Ending balance			5,669
RETAINED EARNINGS:
Beginning balance			249,191
Cash dividends			(13,855	)
Net income			31,084
Ending balance			266,420
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Beginning balance			(7,657	)
Other comprehensive income (loss) for the period			(35,409	)
Ending balance			(43,066	)
TREASURY STOCK, at cost:
Beginning balance			(263	)
Purchases and disposal (Note)			(17,633	)
Ending balance			(17,896	)
TOTAL SHAREHOLDERS’ EQUITY			280,681
DISCLOSURE OF COMPREHENSIVE IMCOME:
Net income			31,084
Other comprehensive losses:
Foreign currency translation adjustment			(32,154	)
Unrealized holding losses on available-for-sale securities			(3,240	)
Pension liability adjustment			(15	)
Total comprehensive losses (net of tax)			(4,325	)

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English translation of “KESSAN TANSHIN” originally issued in Japanese

SUPPORT DOCUMENTATION (CONSOLIDATED)

1. Consolidated Financial Results and Forecast

		Yen (millions)
		For the nine								For the nine
		months ended								months ended
		December 31, 2007								December 31, 2008
						(%)								(%)
Net sales			257,580				27.1				238,975				(7.2	)
Domestic			38,222				10.8				35,220				(7.9	)
Overseas			219,358				30.4				203,755				(7.1	)
Operating income			51,222				44.4				45,915				(10.4	)
Income before income taxes			51,788				41.9				41,862				(19.2	)
Net income			36,214				42.4				31,084				(14.2	)
Net income per share (Yen)			251.94								220.81
Employees			10,149								10,675

		Yen (millions)
										For the six months								For the year ending
		For the year ended								ended September 30,								March 31, 2009
		March 31, 2008								2008								(Forecast)
						(%)								(%)								(%)
Net sales			342,577				22.4				175,558				3.6				290,000				(15.3	)
Domestic			52,193				11.4				24,378				(5.0	)			46,300				(11.3	)
Overseas			290,384				24.6				151,180				5.1				243,700				(16.1	)
Operating income			67,031				39.1				36,047				6.3				50,000				(25.4	)
Income before income taxes			65,771				33.3				34,453				0.0				44,500				(32.3	)
Net income			46,043				24.5				24,851				5.3				33,000				(28.3	)
Net income per share (Yen)			320.30								175.60								239.54
Employees			10,436								10,799								—

			10
English translation of “KESSAN TANSHIN” originally issued in Japanese

2. Consolidated Net Sales by Geographic Area

		Yen (millions)
		For the nine								For the nine								For the year ended March 31, 2008								For the six
		months ended								months ended																months ended
		December 31,								December 31,																September 30,
		2007								2008																2008
						(%)								(%)								(%)								(%)
Japan			38,222				10.8				35,220				(7.9	)			52,193				11.4				24,378				(5.0	)
Europe			119,873				35.4				112,267				(6.3	)			160,360				29.3				83,131				5.4
North America			43,755				17.7				34,730				(20.6	)			56,422				9.6				25,836				(10.7	)
Asia			16,679				16.9				17,903				7.3				22,629				16.2				13,163				19.4
Other regions			39,051				38.4				38,855				(0.5	)			50,973				33.7				29,050				15.9
Central and South America			12,756				34.4				14,199				11.3				16,764				32.0				10,579				30.1
The Middle East and Africa			13,964				45.1				13,544				(3.0	)			18,687				43.0				9,964				15.2
Oceania			12,331				35.4				11,112				(9.9	)			15,522				25.7				8,507				2.8
Total			257,580				27.1				238,975				(7.2	)			342,577				22.4				175,558				3.6

Note:

The table above sets forth Makita’s consolidated net sales by geographic area based on the customer’s location for the periods presented. The table above shows the changes in the percentage ratio of Net sales against the corresponding period of the previous year. Accordingly, it differs from operating segment information on page 8.

3. Exchange Rates

		Yen
		For the nine				For the nine				For the year ended March 31, 2008				For the six				For the year
		months ended				months ended								months ended				ending
		December 31,				December 31,								September 30,				March 31, 2009
		2007				2008								2008				(Forecast)
Yen/U.S. Dollar			117.35				102.92				114.44				106.12				100
Yen/Euro			162.85				151.07				161.59				162.80				142

Note:

The assumption of exchange rates for the fourth quarter of the fiscal year is 90 yen to the U.S. dollar and 115 yen to the euro.

4. Sales Growth in local currency basis (Major subsidiaries)

		For the nine
		months ended
		December 31, 2008
		(%)
U.K.			(1.6	)
Germany			2.3
France			(2.5	)
Russia			7.4
U.S.A.			(13.6	)
China			(2.2	)
Brazil			37.5
Makita Gulf (UAE) *			29.2
Australia			8.9

*

Including export sales for the Middle East and Africa.

			11
English translation of “KESSAN TANSHIN” originally issued in Japanese

5. Production Ratio (unit basis)

		For the nine				For the nine				For the year				For the six
		months ended				months ended				ended				months ended
		December 31,				December 31,				March 31,				September 30,
		2007				2008				2008				2008
		(%)				(%)				(%)				(%)
Domestic			23.0				19.4				22.5				20.2
Overseas			77.0				80.6				77.5				79.8

6. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost

		Yen (millions)
		For the nine				For the nine				For the year ended March 31, 2008				For the six				For the year
		months ended				months ended								months ended				ending
		December 31,				December 31,								September 30,				March 31, 2009
		2007				2008								2008				(Forecast)
Capital expenditures			10,122				14,126				15,036				9,827				19,000
Depreciation and amortization			6,408				6,587				8,871				4,426				9,000
R&D cost			4,349				5,098				5,922				3,493				7,100

			12
English translation of “KESSAN TANSHIN” originally issued in Japanese